TYPES OF CO-OWNERSHIP – REVISION NOTES
Joint Tenants – There is no shares, you both own it.
All and nothing
Right of survivorship – If one dies, the other takes everything
Tenancies in Common – You do not divide the property, you divide shares.
Ownership in ‘undivided shares’
Not actually divided into who owns which bit, but the shares are quantifiable
and can be transferred
If somebody dies in the Joint Tenancy, the shares are transferred to the existing
joints tenants. In Tenancy in Common, if somebody dies his shares passes
according to his will or intestacy.
Co-Ownership And Trusts
Sections 34 and 36 Law of Property Act 1925 - Whenever there is more than one
owner of a legal estate in land it will be held on a trust of land.
If you pay to at least two of them, the overreaching will happen and you take the land
free of the beneficial interest.
Ownership Of The Legal Estate (Limitation of People Owning)
Section 1(6) Law of Property Act 1925 - Trustees are joint tenants. Survivorship
operates.
Section 34(2) Law of Property Act 1925 - No more than 4 trustees. First four
named if more than four.
OWNERSHIP OF THE BENEFICIAL INTERESTS
• Can be as many beneficiaries as you wish
• Beneficiaries can be joint tenants or tenants in common
What Does It Mean?
Joint Tenants – There is no shares, you both own it.
All and nothing
Right of survivorship – If one dies, the other takes everything
Tenancies in Common – You do not divide the property, you divide shares.
Ownership in ‘undivided shares’
Not actually divided into who owns which bit, but the shares are quantifiable
and can be transferred
If somebody dies in the Joint Tenancy, the shares are transferred to the existing
joints tenants. In Tenancy in Common, if somebody dies his shares passes
according to his will or intestacy.
Co-Ownership And Trusts
Sections 34 and 36 Law of Property Act 1925 - Whenever there is more than one
owner of a legal estate in land it will be held on a trust of land.
If you pay to at least two of them, the overreaching will happen and you take the land
free of the beneficial interest.
Ownership Of The Legal Estate (Limitation of People Owning)
Section 1(6) Law of Property Act 1925 - Trustees are joint tenants. Survivorship
operates.
Section 34(2) Law of Property Act 1925 - No more than 4 trustees. First four
named if more than four.
OWNERSHIP OF THE BENEFICIAL INTERESTS
• Can be as many beneficiaries as you wish
• Beneficiaries can be joint tenants or tenants in common
What Does It Mean?
